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Kingdom Holding, the Saudi firm owned by billionaire businessman Prince Alwaleed, has signed a construction contract to build the world’s tallest tower in Jeddah.
Binladin Group, one of the kingdom’s biggest contractors, won the $1.2bn deal for the one-kilometer tall Kingdom Tower, which is set to steal the crown from Dubai’s Burj Khalifa.
The tower will include a hotel, serviced apartments, luxury condominiums and offices, and will occupy a 500,000 sq m area, Kingdom said in a statement on the Tadawul Tuesday,
It will be located in the first phase of Kingdom City, a 5.3m mixed-use development north of Jeddah, which overlooks the Red Sea and Obhur Creek.
The Binladin deal was signed by Jeddah Economic Company (JEC), one of Kingdom’s associate firms. The giant contractor also takes a 16.63 percent ownership of JEC.
Kingdom Holding holds 33.35 percent of JEC, alongside Abrar International Holding (33.35 percent) and Abdurrahman Sharbatly (16.67 percent).
No further details as to when construction will begin, or when the project will be completed, were provided.
The construction deal marks a significant step forward for the Jeddah project, which has been in the pipeline for some years. Last year, Kingdom signed up US-based Adrian Smith & Gordon Gill Architecture to design the building.
Media reports earlier this year had suggested that the tower could be as large as 1,600m tall, which would have made it twice as high as its nearest competitor.
The world's tallest building at present is Dubai's 828m high Burj Khalifa, developed by Emaar Properties. Completed in January 2010, the tower was designed by Skidmore, Owings and Merrill.
The problem with many South Asians in general and Indians in particular is that greed has no limit for them. No matter how much they get, which is often... more
Wednesday, 19 June 2013 10:59 AM - Fahd
In those so called democratic (they should change it to Hypocratic) there is freedom of speech but no freedom after the speech.
When the guys speaking... more
If Boeing can develop a 777 that can fly for 20 hours, then why bother flying through Dubai? Most EK traffic is transfer passengers. 20 hours nonstop would... more
Wednesday, 19 June 2013 5:04 PM - John HarteThe problem with many South Asians in general and Indians in particular is that greed has no limit for them. No matter how much they get, which is often... more
Wednesday, 19 June 2013 10:59 AM - Fahd
@anguilla: Kalba town is part of the Sharjah Emirate.
along with khor fakkan and dibba al hisn.
http://en.wikipedia.org/wiki/Sharjah_%28emirate... more
I am wondering why this article is being published here? it is really useless. anyway, I in certain ways agree with the Mufti. god bless Saudi Arabia more
Tuesday, 18 June 2013 9:27 AM - Faisal@ Henry, enough of whining, the host country does not need you, it is your employer that needs your services and you know well enough that you can be made... more
Saturday, 1 June 2013 11:32 AM - ZainOrganizations like HRW, Green peace, ILO, UNHCR are so self serving that it is amazing they still exist! they spend 60/70 percent of their budgets (meant... more
Thursday, 30 May 2013 7:53 PM - NavinThe problem with many South Asians in general and Indians in particular is that greed has no limit for them. No matter how much they get, which is often... more
Wednesday, 19 June 2013 10:59 AM - Fahd
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